New York, USA, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Precast Concrete Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Precast Concrete Market Information by Product Type, By Application, By End-use and Region - Forecast till 2030”, the market is estimated to grow at a 4.76% CAGR to reach USD 98,471.20 Million by 2030.
Market Scope:
Reinforced concrete is one type of material that can be precast at a factory and then installed at the construction site. In accordance with the principles of statics, the strength and stiffness of the materials, and the limitations imposed by formwork, shipping, handling, and installation, precast concrete can be built into any shape or size. Repairing damaged concrete structures with precast concrete makes sense for several reasons, including how simple it is to build with, how quickly it can be built, how high the quality is, how long it will last, and how cheap it is to make.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 98,471.20 Million |
| CAGR | 4.76% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Application, By End-use and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The rise in demand for green buildings rises the precast concrete market growth. |
| The hotel industry is rising enormously thus owing to the growth in the travel sector. |
Competitive Dynamics:
Due to the prevalence of multiple significant players, the market appears to be split on both a global and regional scale. There are disruptions between vendors and traders all over the world, as well as between them and the local precast manufacturers. There were several openings for advanced key actors to form a comprehensive alliance across the value chain. The key market players are -
- Jensen Precast (US)
- Skanska AB (Sweden)
- Molin Concrete Products Company Inc. (US)
- Coreslab Structures (US)
- Tindall Corporation (US)
- CRH (US)
- HeidelbergCement AG (Germany)
- Coltman Precast Concrete Limited (UK)
- Metromont Corporation (US)
- Taiheiyo Cement (Tokyo)
- SMEET (Qatar)
- Larsen & Toubro Limited (India)
Market USP:
Market Drivers
Demand for pre-engineered structures is on the rise, and with it comes an increase in the use of construction materials, which in turn drives market growth. Increasing demand is driving growth in the precast concrete industry, which benefits from the material's ability to maintain quality standards, boost output, and cut down on construction time and costs. Additionally, the worldwide expansion of the construction business boosts and directs market demand upward.
Modern construction trailers and prefabricated buildings benefit from the concrete's excellent strength and durability. The expansion of the precast concrete industry is fueled by the increasing demand for eco-friendly construction. The expansion of the industry is due in large part to the increasing number of "smart city" initiatives and the proactive steps being taken to improve infrastructure. A growing consumer base, more developed infrastructure, and more concentrated metropolitan areas all contribute to the expansion of existing markets. As a result, the hospitality industry is expanding at a rapid rate to accommodate more people. The increased use of precast concrete in the hotel's construction will guarantee an increase in building quality and will shape the industry going forward.
The rise of the commercial and residential construction sectors, as well as the expansion of the construction industry in several developing nations, drive the expansion of this market. The government was able to invest large sums of money in infrastructure and social welfare programs because of the building industry's positive effects on the economy. Golden prospects await construction companies in the coming years as the number of precast concrete manufacturing units expands in emerging economies.
Market Restraints
Many obstacles, like as price swings and a lack of readily available raw materials, have been identified as threatening the precast sector. Stricter regulations and legislation in developing nations operate as a restraint on the market's growth. Recent stagnation in precast concrete sales and widespread adoption is a major reason holding the industry back at the moment. One of the most difficult aspects of the market is the lack of available workers, which has prompted the government to take action.
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COVID-19 Analysis:
Numerous factories throughout the world have been forced to close because of the COVID outbreak. COVID has sparked the emergence of new and widespread difficulties, which has resulted in the grappling up of sector participants and the improvement of lockdown. In the beginning, COVID 19 caused even more doubts to be cast on the pipeline construction and investment matters. Problems with distributing tried-and-true plans for assisting skilled workers have been caused by a few key actors.
COVID has had a devastating effect on sustainability and the availability of workers by increasing the flow of impediment at the border. As a result of the epidemic, certain companies in the precast concrete sector have changed their contractual stances in response to the increased competition. The market participants are increasing their funding for future projects. The growth of the precast concrete sector has been aided by both the constraints imposed by COVID 19 and the opportunities it has opened up. Not only has this epidemic caused a shift, but it has also improved prospects for a renaissance in precast concrete building components.
Market Segmentation:
By type
Over the assessment period, the market for columns and beams is anticipated to expand at a robust CAGR.
Based on application,
Over the study period, structural components are expected to expand at a rapid rate.
By End-use
The residential segment is expected to record substantial growth over the review period.
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Regional Analysis:
Throughout the forecast period, only the Asia-Pacific region has maintained its status as the most successful. The Asia-Pacific region is one of the strongest competitors in the global precast concrete market due to rising demand from expanding building units and new growth prospects given by the end-users segments. The growth of the precast concrete market is driven by the increasing number of end-use units and industries, such as the residential construction units, non-residential building sectors, and architectural development. Over the course of the projected period, the market size is expected to expand on the back of falling interest rates on user loans and rising purchasing power. Precast concrete is predicted to have the largest market share in Asia, particularly in Japan, India, and China. The expansion capacity in the Asia–Pacific area is bolstered by the region's rising population and improved access to capital.
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